GBPUSD Reaches Critical Resistance
Updated
The GBPUSD has broken down from a bearish price pattern, touching the monthly trendline at 1.1800 before rebounding to retest the previous breakdown level at 1.19254. We anticipate a potential reversal from this level back to the downside, although there is also a possibility for the price to continue rising towards 1.19984 before reversing lower.
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The previous analysis was altered due to the disruptive events on the US dollar, including the bankruptcy of a major bank and investors' shift towards safe havens such as gold.
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